Energy Fuels Inc.

Good day, ladies and gentlemen, and thank you all for joining us for this Energy Fuels Q1 2026 conference call. As a reminder, all phone participants are in a listen-only mode to prevent any background noise, but later you will have the opportunity to ask questions. As a reminder, today's session is being recorded. It is now my pleasure to turn the floor over to President and CEO, Mr. Ross Bapu. Welcome, sir.

Thank you, Jim. I appreciate the intro. And thank you, everybody, for participating today. I want to start by thanking Mark Chalmers. Mark recently retired from Energy Fuels after almost 10 years with the firm. Mark has done just a fabulous job putting together a great group of assets, putting a great team together. And as I look forward to my new tenure here as the CEO of the company, I'm just thrilled to be taking the helm and moving the company into the next generation. We have a lot of work ahead of us, and as I start kind of my tenure in the company, I'm focused on a few things. One is executing on our business strategy. It's ensuring that we have the right team in place, and it's ensuring that we all operate safely within this organization. So that is a key, key area of responsibility. Look, the other thing that's a heavy focus of mine is being a good neighbor in the communities we operate. And we want to operate at very high environmental standards and be truly a good partner wherever we go. So my focus as I look forward is to position the company for long-term growth and build stability and shareholder value. So with that, I'd like to turn our attention to the next slide, which is our forward-looking notice, forward-looking statements. I will be making forward-looking statements today. These statements reflect our current expectations and assumptions and certainly involve some uncertainties. I'd refer you to our 10Q filing from the latest 10K and other SEC and CDAR filings for the risk factors. So looking at our next page, the first quarter highlights. Look, we had a fantastic first quarter by every measure. And I'm excited to tell you about some of these accomplishments. First of all, from an operational perspective, we mine 425,000 pounds of uranium, and we produce nearly 800,000 pounds in our mill. We ended the quarter with two and a quarter million pounds in our inventory, and we released a very positive Varumata feasibility study with a $1.8 billion NPV, and that includes over $500 million per year of expected EBITDA. When you think about that and put that into perspective, that takes energy fuels to a whole new level. We also completed our White Mesa Mill Phase II bankable feasibility study, and that came in with a fantastic lower than expected capital cost at $410 million. We expect $311 million of annual EBITDA when that facility is up and running on a standalone basis. We also announced the ASM acquisition. ASM, Australian Strategic Materials, which I'm going to talk about later, really moves us into a new league and gives us the ability to produce metals and alloys. And we'll talk about that, like I said, later. Also, during the quarter, we've produced our first terbium. Terbium is one of those exotic, rarest, heavy minerals that everybody's seeking in their magnets, and it really puts us into a different league. So we've gained, as a result of those announcements, substantial interest from off-takers as a result of all this news. From a financial perspective, we have a robust balance sheet of over $950 million of liquidity. We generated $8 million of EBITDA, and we had sales and revenue from both a combination of contract and spot sales in the uranium business. In addition, we are continuing to work on expanding our Phase I facilities. Recall Phase I is our uranium processing line that we recently, a couple years ago, converted to process rare earth minerals. We're expanding our current capabilities in phase one, what we're calling phase 1B, which will allow us to produce commercial quantities of terbium and dysprosium. And then we're adding phase 1C, which will allow us to process MREC material. MREC is mixed rare earth carbonates. And that puts us into a different league. And the fantastic aspect of that is we'll be able to process rare earth minerals and uranium simultaneously with phase 1C. Finally, in the quarter right at the very end.

Ladies and gentlemen, this is your operator. I thank you for your patience. I believe we have Mr. Bapu reconnected. Thank you all.